General Urban Kitchener Updates and Rumours

[westwardloo]

This might have happened if Blackberry didn't fumble the smartphone so spectacularly, unfortunately there just isn't that much individual personal wealth in KW right now.

I don't know why you think that, although maybe your concept of "not that much" is different from mine. But apart from Mike Lazaridis (who is not on par with the US oligarchs, but is still quite wealthy) there are dozens (or more) of entrepreneurs in the regions who have had their tech companies acquired for large sums of money. And others who have made their wealth in more conventional ways, too.

I understand that there are wealthy people in this Region, but Blackberry fumbled the ball on the 1 yard line just before smartphones became super mainstream. They would have been a company on par with Samsung's or Apples mobile divisions. Those company profit tens of billions per quarter.  There would have been some inconceivably wealthy people in our region. One of those people might have been interested in the local sports scene and been willing to "invest" or donate to upgrading our local facilities. 

Mike has done a lot for our Region, but it has mostly been focused on the arts/ business at our Universities.

[plam]

I said it several times before, and I'll say it again- hopefully before the forum czars come in saying "off topic!", Kitchener DTK needs major major work. The stark difference coming in from Uptown Waterloo into DTK is literally day and night. Exit from a well lit and uplifting vibe to darkeness, shadows, drugs and sadness.

When has a discussion ever been shut down here? At most it gets moved to a more relevant thread.

On a personal level, I do live in DTK and yet I don't find it to be all "darkeness, shadows, drugs and sadness". However, I know that I'm not going to be able to change your opinion, so I'll leave it at that.

I was just in the Byward Market today and there was quite a few panhandlers out too. I do not think it is limited to DTK.

[Momo26]

I will add that I have no issue bringing my family to DTK at any time of the day. I just had a lovely walk at Victoria Park after grabbing a late afternoon, after work cortado at Balzac's. Even got wet from the 10min burst of rain and still returned to the park to keep walking. As sad as the homeless state it, it was refreshing to see the park reclaimed by recreational users and folks taking pictures of the beautiful ducks/Geese and cute offspring.

When I mean dark and shadowy, drive down one evening from Uptown into DTK and don't tell me it isn't a stark difference in atmosphere.

People hang out in Uptown Waterloo. People visit restaurants, eat and leave DTK without lingering. That's the difference.

[nms]

Part of the darker issue may have to do with the orientation of King Street. In Uptown, the street is more north-south with few tall buildings blocking late afternoon sun. In Downtown, the street is more NW-SE with taller buildings.

[Momo26]

Condo re-sale prices continue on their absolute downward spiral (at least listed price..things aren't really going for that much over though. Token 5 to 10k it seems).

Anyone looking to get on the ladder that's been holding out specifically for condo..hey now may be the time.

How must Francis St pre-con buyers feel? Still a year out sure but...some 1bedroom units in there sold for 70 to 100% more than some of these surrounding re-sale units are currently listed at...

Station Park Tower III not too dissimilar either.

[creative]

There are new build condos in Toronto where a large number of buyers are unable to get mortgages and are walking away. I also don’t believe that any local resale condo sales are going for over asking. A large percentage are listed for between $500 and $600 a square foot. I don’t see any of these newly approved condos getting built anytime soon.

[Momo26]

Check out HouseSigma. Like I said if over asking it's by barely 10k or around 2.5%. Just priced a little lower to get SOME interest. 2 to 3 price slashes since last year seems the norm...

[Momo26]

Man it's insane. I remember taking a little tour for a unit in late 2023 that the builder had held back and it was a 1bd going for 500k with no parking. Nice unit but 1bd 0den and 0parking still.

That unit can be had for about 360 to 380k now.

[tomh009]

There are new build condos in Toronto where a large number of buyers are unable to get mortgages and are walking away.

I think a lot of those are buyers who were planning to flip the units pre-closing and were never intending to get a mortgage, let alone living in the unit.

A real estate agent may have told them it was a risk-free investment but that really wasn't the case ...

[panamaniac]

There are new build condos in Toronto where a large number of buyers are unable to get mortgages and are walking away.

I think a lot of those are buyers who were planning to flip the units pre-closing and were never intending to get a mortgage, let alone living in the unit.

A real estate agent may have told them it was a risk-free investment but that really wasn't the case ...

A risk-free investment?  I wonder if they got that in writing ....

[Momo26]

I know someone who bought a precon in Montreal. I think they begrudgingly closed on it last year, valued 150k less than original price and cannot even find a tenant now. He is now going after the real estate agent (probably won't amount to anything)

[panamaniac]

I know someone who bought a precon in Montreal.  I think they begrudgingly closed on it last year, valued 150k less than original price and cannot even find a tenant now. He is now going after the real estate agent (probably won't amount to anything)

Going after the real estate agent for his own lack of savvy?

[bravado]

I know someone who bought a precon in Montreal.  I think they begrudgingly closed on it last year, valued 150k less than original price and cannot even find a tenant now. He is now going after the real estate agent (probably won't amount to anything)

Going after the real estate agent for his own lack of savvy?

everyone knows that line go up = business genius, line go down = fraud

[ac3r]

Part of the darker issue may have to do with the orientation of King Street.  In Uptown, the street is more north-south with few tall buildings blocking late afternoon sun.  In Downtown, the street is more NW-SE with taller buildings.

Yeah, the orientation actually plays a huge part in that. It's a concern that many cities must take into consideration. Downtown is a bit gross and scummy, but it's not really that bad in terms of public safety or anything like that. If the city could actually put their heart into the space, it could be great despite its age. Get rid of the schizos and drugs on every block and then hire different landscape architecture firms to create pleasing, bright, welcoming spaces and it wouldn't feel so yucky. That's really one of the main issues and probably the biggest one that prevents people from wanting to actually go and hang out downtown for any reason.

Then why do you live here?

I own a home in Kitchener but I don't live or work here, I live in downtown Toronto. The only reason I give any thought to Waterloo Region is because I spent some years growing up here. That's the frustrating part because I have a doctorate in architecture and understand what cities - even small ones like these tri-cities - are capable of becoming if people actually care. But very few actually do and those who do seem to be so willing to accept complete shit because "it's better than nothing".

[tomh009]

If the city could actually put their heart into the space, it could be great despite its age. Get rid of the schizos and drugs on every block and then hire different landscape architecture firms to create pleasing, bright, welcoming spaces and it wouldn't feel so yucky.

Like the city hall (Carl Zehr) square? Or Gaukel St? Or the green area at Duke/Queen?

It's not like public spaces don't exist in DTK.